When people talk about cryptocurrencies, Bitcoin is the only one that makes the news. However, there are thousands of other options when it comes to these digital currencies. In fact, cryptocurrencies that aren’t Bitcoin are generally seen as “also-rans” or “altcoins,” which means “alternatives to Bitcoin.”
Even though Bitcoin was the first big cryptocurrency to come out on the market in 2009, many others have become very famous, even if they aren’t as big as Bitcoin.
Here are the biggest cryptocurrencies by market capitalization, which is the total dollar value of all the coins in circulation. (As of August 9, 2023, the data comes from CoinMarketCap.com.)
1. Bitcoin (BTC) Price: $29,717
Total market value: $578 billion
Bitcoin was the first cryptocurrency and is still the coin that most people think of when they talk about digital cash. Its unknown creator, who is thought to be Satoshi Nakamoto, released the currency in 2009, and since then it has been on a wild ride. But it wasn’t until 2017 that people started to hear about cryptocurrencies.
2. The price of Ethereum (ETH) is $1,852
Total market value: $223 billion
The second name you’re most likely to know in the crypto space is Ethereum. This is the name of the platform for cryptocurrencies. The system lets you use the currency ether to do a number of things, but it’s the smart contracts that make Ethereum a famous currency.
3. The price of Tether (USDT) is $1.00
Total market value: $83 billion
The price of Tether is fixed at $1 per coin. It’s called a “stablecoin,” and that’s why. Stablecoins are tied to the value of a certain object, like the U.S. Dollar in the case of Tether. When traders move from one coin to another, Tether is often used as a bridge. They use Tether instead of going back to dollars. Some people are worried, though, that Tether isn’t safe because it isn’t backed by dollars kept in stock but by a short-term form of unsecured debt.
4. The price of BNB (BNB) is $244.83
Total market value: $38 billion
Binance, one of the biggest cryptocurrency exchanges in the world, has its own cryptocurrency called BNB. Binance Coin was first made as a token to pay for trades at a price. It can now be used to make payments and buy goods and services.
5. The price of XRP (XRP) is $0.6377
Total market value: $34 billion
XRP was made in 2012 and used to be called Ripple. It can be used to pay in many different real-world currencies. Ripple can be used to make payments across borders, and it does this in a way that doesn’t require trust.
6. The price of a USD Coin (USDC) is $1
Total market value: $26 billion
Like Tether, USD Coin is a stable coin that is tied to the dollar. This means that the value of the USD Coin shouldn’t change. The people who started the currency say that it is backed by fully reserved assets or assets with “equivalent fair value.” These assets are kept in accounts at U.S. institutions that are controlled by the government.
7. The price of Dogecoin (DOGE) is $0.07521
Total market value: $11 billion
Dogecoin was made as a joke after Bitcoin’s price went up, and its name comes from an internet meme with a Shiba Inu dog. Dogecoin, unlike many other digital currencies, has no cap on how many coins can be made. It can be used to give money or pay for things.
8. The price of Cardano (ADA) is $0.2964
Total market value: $10 billion
Cardano is the platform on which ada, the name of the coin, is built. Cardano was made by the same person who made Ethereum. Like Ethereum, it uses smart contracts to handle identities.
9. The Price of Solana (SOL): $24.01
Total market value: $10 billion
Solana is a newer cryptocurrency that came out in March 2020. It brags about how fast its transfers are and how strong its “web-scale” platform is overall. The number of SOL coins that can be made is capped at 480 million.
10. The price of Tron (TRX) is $0.07676
Total market value: $7 billion
Tron is a blockchain community that was launched by Justin Sun in September 2017. Its goal is to decentralize the internet using blockchain technology and decentralized apps. CoinMarketCap.com says that Tron has the most stablecoins in circulation of any platform in the world.
11. The Price of Polygon (MATIC): $0.6889
Total market value: $6 billion
Polygon is a cryptocurrency that is designed to be easy to use for people who make digital apps. It is based on the Ethereum cryptocurrency and makes it bigger. It was formed in 2017 and was first called Matic. In 2021, it changed its name to Polygon.
12. The price of Litecoin (LTC) is $84.24
Total market value: $6 billion
Litecoin was made in October 2011 and was one of the first alternative currencies. Litecoin was created by Charlie Lee, a Google software worker, with the goal of having faster transaction speeds than Bitcoin. This would make it more useful as a payment-focused cryptocurrency.
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